Crude oil has swung sharply in 2026. Brent crude fell nearly 40%, dropping from its year-to-date (YTD) high of $118.35 on March 31 to $71.44 by July 1 after a U.S.-Iran peace deal reopened the Strait of Hormuz.
But the ceasefire collapsed on July 8, lifting Brent more than 16% from its July low and making energy the best-performing S&P 500 Index ($SPX) sector over that period. Shell plc (SHEL) handled the volatility well.